Obama: 'Economy is in a recession'

Sen. Barack Obama, delivering a speech on the economy in New York today, took aim at not only the Bush administration but also Sen. John McCain of Arizona for their approaches to an economy which, as the senator put it, "is in a recession.''

The Tribune's John McCormick is reporting from the scene of the Cooper Union speech.

I want to thank Mayor Bloomberg for his extraordinary leadership. At a time when Washington is divided in old ideological battles, he shows us what can be achieved when we bring people together to seek pragmatic solutions. Not only has he been a remarkable leader for New York –he has established himself as a major voice in our national debate on issues like renewing our economy, educating our children, and seeking energy independence. Mr. Mayor, I share your determination to bring this country together to finally make progress for the American people.

In a city of landmarks, we meet at Cooper Union, just uptown from Federal Hall, where George Washington took the oath of office as the first President of the United States. With all the history that has passed through the narrow canyons of lower Manhattan, it is worth taking a moment to reflect on the role that the market has played in the development of the American story.

Read Complete Story